Egyptian payments provider Fawry, will be turning its online payment portal—myFawry—into a digital bank to provide financial services including payments, consumer lending, savings, and investments, by the end of 2023.
The company’s head of investor relations, Hassan Abdelgelil clarified that the decision to launch a digital bank is yet to be finalised.
The Central Bank of Egypt issued rules for licensing, registering, monitoring, and supervising digital banks. Like Fawry, several companies such as eFinance and Opay have shown interest in applying for a digital banking license.